Boosting Customer Retention
Essential SaaS Strategies: Boosting Customer Retention through Payments
With the focus on hosting cloud-based services that customers subscribe to – instead of software sold in one large payment – customer retention is vital to success. it’s crucial to reach a 3:1 ratio of Customer Lifetime Value (CLV) versus your Cost to Acquire a Customer (CAC) to grow as a business. You want customers to keep subscribing long past the point where you recoup the original investment.
Few customer retention strategies have such a strong effect as integrated payments. Here’s why:
How Integrated Payments Build Greater Brand Loyalty
- Increasing the Practical Value of Your Software
Put simply, if customers don’t see tangible benefits, they’re not likely to stay subscribed. By including integrated payments, you instantly offer clients a more well-rounded software application that lets them handle multiple tasks from the same platform. Company decision-makers value results, especially when they’re related to streamlined processes and productivity.
- Positioning You at the Cutting Edge of Technology
Defend your turf from competitors by offering clients more. With an integrated payments partner beside you – especially one that provides point-to-point encryption, tokenization for recurring payments and detailed reporting – you establish a reputation for excellence that clients value.
- Building a Loyal Relationship Through Need
The more customers use your software, the more they depend on it. Companies see the benefits of integrated payments almost instantly – every day – leading to strong feelings of loyalty to your brand and fear of losing out.
Just like everyone else, companies are nervous about swapping something that works with something untested; shareholders intensely dislike jeopardizing solid profits and spending long periods of time learning to use a new system when they know that yours gets the job done. All of these factors make it less likely your customers will shop around.
Choose an Integrated Payments Partner that Values Your Success
Reaching a high customer retention rate isn’t something you have to tackle alone. In the true meaning of paragon, we are here to help you reach your peak of excellence. Contact us to see why we’re the perfect fit for your software.
Ready to see our API or open a test account? Looking for more information on our Partner Programs? Are you a merchant with a question? We are here to help!